Ethereum surged 15% and it traded to a new all-time high near $1,475 against the US Dollar. ETH price is currently correcting lower, but it is likely to remain well bid above $1,350.
- Ethereum started a fresh surge above the $1,350 and $1,400 resistance levels.
- The price traded as high as $1,476 and it is now well above the 100 hourly simple moving average.
- There is a key bullish trend line forming with support near $1,360 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could correct lower, but the bulls are likely to remain active near $1,350 and $1,360.
Ethereum Price is Gaining Bullish Momentum
In the past 3-4 sessions, there was a strong increase in Ethereum above the $1,300 resistance level. ETH outperformed bitcoin and it rallied above the $1,400 resistance level.
There was also a close above the $1,400 level and the 100 hourly simple moving average. Ether gained 15% and it traded to a new all-time high near the $1,476 level. The price is currently correcting lower and trading below the $1,450 level.
There was a break below the 23.6% Fib retracement level of the recent rally from the $1,299 swing low $1,476 high. An initial support on the downside is near the $1,400 level. There is also is a key bullish trend line forming with support near $1,360 on the hourly chart of ETH/USD.
Source: ETHUSD on TradingView.com
On the upside, the price is facing hurdles near $1,450 and $1,475. The main resistance is near the $1,500 level. A clear break above the $1,500 resistance level could open the doors for a sharp increase in the coming sessions. The next stop for the bulls could be $1,580 or $1,600.
Dips Supported in ETH?
If ethereum starts a downside correction, it could remain stable above the $1,400 level. The first major support on the downside is near the trend line and $1,350.
The 50% Fib retracement level of the recent rally from the $1,299 swing low $1,476 high is also near the $1,385 level to act as a support. Therefore, ether price is likely to remain well bid if there is a decline towards the $1,360 level.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly losing pace in the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently correcting lower towards the 60 level.
Major Support Level – $1,360
Major Resistance Level – $1,450